The United Bank for Africa came top in the Best in Class Award of Excellence in Sustainability Reporting at the 2nd edition of the Corporate Reporting Award organized by ICAN and NGX
Dangote Cement also won the platinum award as MTN emerged as runner-up for being outstanding in their corporate reporting for 2023.
The Corporate Reporting Award, which was organised by the Institute of Chartered Accountants of Nigeria and the NGX Regulation Limited, was held on Tuesday at the NGX.
The award celebrates excellence in transparent corporate reporting by companies listed on the Nigerian Exchange Limited.
Stanbic IBTC Holdings was the winner in the Best in Class Award of Excellence in Financial Reporting, and both Guaranty Trust Holding Company and Zenith Bank Plc emerged winners in the Best in Class Award of Excellence in Corporate Governance.
The Most Improved company (overall) went to International Breweries.
Speaking at the event, the 60th president of ICAN, Davidson Alaribe, said, “This award is to encourage organisations to be transparent and accountable. They should also look at their immediate environment and serve the people, not just profit maximisation. Organisations are being encouraged to ensure that they reach out to the society, and in things they do, they should be transparent and also ensure sustainability both for the environment and the people.”
He added that following due process and meeting accounting standards in their reporting makes companies look attractive to investors.
“This will encourage investors. There’s no way an investor would want to put money in a secretive company. People want organisations that will say, ‘This is what we did. This is what we realised. This is what it was spent on.’ Even the salaries and the emoluments of top management staff should not be a secret, and how services are being rendered and how dividends are being declared shouldn’t be either. If an organisation is not transparent, no investor will touch them; they will run very, very far from such a position.”
In his welcome address, the Chief Executive Officer of the NGX RegCo, Olufemi Shobanjo, noted that corporate reporting is not merely a regulatory requirement: “It’s a vital practice that builds trust among the investors, stakeholders and the broader community.
“As we recognise the outstanding achievement of these companies this year, we are reminded of the critical role that accurate and transparent reporting plays in fostering a robust financial ecosystem. This year’s award highlights those organisations that have gone far and beyond in their commitment to best practices and governance. Your efforts not only enhance your reputation or the reputation of your companies but also contribute to the overall integrity of our capital market.”
The group of five assessors was led by Associate Professor Yinka Moses from the Victoria University of Wellington, New Zealand.
Speaking with journalists, one of the assessors, Grace Fatogbe, said that the panel observed an improvement in the 2023 reports compared to the previous year.
He said, “One thing I would like to mention is that following a review of what we did last year and comparing it with this year, there was a significant improvement generally across all the companies. So, you could see that corporate reporting is catching on in Nigeria. This is largely driven by the regulations coming from the regulators, as well as the fact that the companies also recognise that Nigeria is not an island. They are open to the international market, so they need to provide enough information for foreign investors to be able to look at them and make the right decision. So, we would like to say that we are seeing a lot of improvement across all generally.”